Tag Archives: 2012

Tips for Getting The Best Loan With Bad Credit

Approved Loan Store loves bad credit. That’s our slogan because we work specifically with people struggling due to a low credit score. There’s a common belief that because you have bad credit means that you can’t get yourself a car loan. This couldn’t be further from the truth. We aim to make sure that not only are you able to get that loan, but that you have the education necessary for making a good decision.

Fox Business has put together a list of 9 things to look into to get a car loan when you have bad credit. It’s all really solid advice and worth a full read through. Here are some of the steps that really stood out:

First step, don’t assume the worst. You’ve been told you have bad credit, but that might not be correct. Make sure you get the full story before jumping to a conclusion. John Van Alst, staff attorney for the National Consumer Law Center, says “Even if your score is tarnished, you may have a better chance than someone with the same score and no credit history.”

Shoot high. Since auto loans are less money over shorter time, a credit score that would get you into a subprime mortgage could actually put you into a prime or near prime auto loan. If you have good credit and you try to get a subprime loan, then you may actually get less favorable terms than you should have.

Don’t go alone. Make sure to bring someone with you, having an extra opinion by your side can really make sure that you’re getting the best deal. Having a second opinion can really go a long way in ensuring that you’re getting a great deal.

Shop loan terms, not monthly payments. What this means is to not get yourself into a loan where you pay small money over a long period of time. The example used is if you need an 84 month loan. If that’s the case, then Anthony Giorgianni, associate finance editor of the Consumer Reports Money Adviser newsletter says, “you can’t afford that car.” Look instead at the cheapest money with the lowest APR over the shortest period of time.

Look out for add-ons. Sub-prime borrowers tend to have contacts that are stuffed to the brim with unnecessary goods and services more than a prime buyer. To avoid this, do not let the loan rely on having such add-ons like extended warranties or even insurance.

Lastly, beware of the yo-yo. We’ve covered this before in a past blog. Dealers can play a dirty trick where they have you drive off in a car before finalizing the deal. When you return to sign the dotted line, suddenly your monthly payment have increased or they expect a larger down payment. Make sure the terms are final and everything is signed and done before taking a car off the lot to avoid falling victim to this notorious scam.

This is just some of the really solid advice customers should be aware of before heading into a dealership. Make sure you have all the information, and you’ll be able to drive out with the car you want and a deal that works to your advantage.

Approved Loan Store is looking to help put you in that car. We work with people suffering from bad credit and get them car loans. Fill out an application and get the process started, and you’ll see why we currently have over a hundred happy customer testimonials. To make sure that you’re up to date on all the latest blogs, like us on Facebook and follow us on Twitter.

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In China, Buying a Car is Just the Beginning

Earlier this month, USA Today published the story of a Chinese couple trying to get a car. To be more accurate, the couple had purchased a car but were waiting in a lottery to get a license plate. Due to the high population and equally high demand for cars, the government only issues a set number of license plates each month. There is approximately a 1-in-32 chance of getting one of those plates, and without those plates, a driver is out of luck. Besides the restrictions on license plates, Chinese drivers also have a tougher time obtaining a driver’s license. Not only do they have to pass the typical driving and written tests, they also have to pass a physical fitness exam that tests their strength and flexibility.

As I read this article, I thought about all the reasons why Americans who want a car or need a car don’t buy a car. It isn’t the right time, I’m too busy to research the car I want, I’d rather not deal with salesmen…there are a million reasons why potential car buyers don’t get a car. In most cases, no one is standing in their way. They don’t have to pass a physical exam or win a license plate lottery. Ultimately, it is a matter of convenience, and people get overwhelmed by all the car buying advice coming from friends, family, and the media.

This is why Approved Loan Store is different. No matter what your credit situation, Approved Loan Store can make the car buying process simpler.

Step 1: Fill out the secure online auto loan application here.

Step 2: Within 48 hours, you will hear from an Approved Loan Store Representative. They will review your information and set up an appointment with a Special Finance Representative at the nearest Approved Loan Store location.

Step 3: Meet with the Special Finance Representative, browse the inventory, and figure out a payment plan that works for you!

Check out video testimonials from real Approved Loan Store customers online here, and keep up with the latest new and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

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As Auto Loans Go Up, Late Payments Down

As lenders are taking a second chance on credit-challenged consumers, lenders are being rewarded with the lowest level of late payments in over a decade.

60-days and higher late payments on auto loans in the first quarter of 2012 were at .36 percent, a 22 percent drop from the last quarter of 2011. It is also the lowest rate recorded since 1999 when TransUnion started following auto loan late payments.

Analysts have been noticing a drop in auto loan delinquencies since February this year, and it is encouraging that there has been a continued drop in delinquencies even as lenders are taking a chance on consumers with less-than-perfect credit. This is exactly why Approved Loan Store exists. We know that millions of Americans have survived tough circumstances in the last few years, but if they get the opportunity, they can make their payments on time and rebuild their credit with an auto loan. All they need is the chance to prove it.

No matter what your credit situation, Approved Loan Store wants to help you get into a car! Fill out our secure online car loan application here, and keep up with the latest news and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

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Car Loan Lengths Increase in First Quarter

As car purchases are going up, car buyers are taking their time paying off their car loans.

According to Experian’s car loans division, the average length of a new car loan was 64 months in the first quarter of 2012, and 73 to 84-month-long auto loans have gone up 15.4 percent. On average, car loans ran about $25,995 which was $589 more than last year, and the average monthly payment was $461.

Analysts attribute these longer auto loan term lengths to an increase in auto loans for consumers with challenged credit. They want to take lower monthly payments to ensure that they will be able to afford their payments and won’t further damage their credit with a late payment. As this study makes the rounds in the news, I predict that the industry will see even more consumers with challenged credit applying for auto loans because they know that so many other consumers have been able to negotiate longer loan term lengths.

At Approved Loan Store, we want to get you into the car you want with loan terms you can afford! Fill out our secure online auto loan application here, and keep up with the latest news and trends from the auto industry by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter!

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New Car Device Signals End to Distracted Driving

As states are cracking down on texting while driving, a new hands-free system might signal the end to dangerous cell phone and driving habits.

The Nuance Dragon Drive! is not the first hands-free phone system for cars, but there is a reason why similar hands-free systems are not in every car. Consumers have found previous hands-free systems to be buggy and more of a hassle than a convenience. The reasons for these problems include companies cutting corners on production, using cheap microphones, and not making the systems user-friendly.

I haven’t had a chance to try out the Dragon Drive! yet, but I have watched the demonstration video that Nuance posted on YouTube. What I like about the Dragon Drive! is that it improves on the hands-free cell phone, but it also does so much more. Drivers can dictate text messages, choose music, listen to the news, search nearby restaurants, and get directions, all without taking their hands off the wheel. If it works in real life as well as it does in the video, I would be tempted to pick one up.

You can check out the demonstration video that Nuance released, included below:

In this week’s reader poll, we want to know what you think! Would you get Nuance’s Dragon Drive! for your car? Vote on our Facebook page here! Don’t forget that no matter what your credit situation, Approved Loan Store wants to help get you into a new or used vehicle. Fill out our secure online auto loan application here, and make sure to like Approved Loan Store on Facebook and follow Approved Loan Store on Twitter to keep up with the latest news and trends from the auto industry!

Study: What Do Car Buyers Want?

Recently we put together an article that look at the advertising practices of the major car companies. It was asking the question of just where the money was to keep the sales the industry is enjoying to keep on coming. There has been a wide range of ways that the industry has been trying to reach out to everyone buying a car. To better answer the question of just what works to attract someone to a car, a report has come out that looks to give the car makers a better idea of what they need to do.

Phoenix Marketing International is reporting on an analysis of advertising practices of 2011. They found in their studies that the most successful way to advertise to the customer was with messaging about innovation and efficiency. They also noted that the message needed to be clear, believable, and informative.

One of the most interesting findings was the difference between the luxury customers and those looking for non-luxury cars. The luxury buyers preferred a serious tone that complimented the attractiveness of the vehicle. On the flip side, buyers looking at the non-luxury cars responded better to ads that emphasized being humorous, clever, and entertaining.

Fuel efficiency was also something that many people are looking for today. With the way people have been with gas prices these days, it’s not really surprising. Hybrids have been doing very well due to demand for high fuel-efficiency cars, and compact cars have seen a similar boost.

No matter what you’re looking for in a new or used car, be it efficiency or glamor, Approved Loan Store is looking to help you find it. Fill out an application online to work with our representatives to find that car. See our long list of happy customers in our testimonials section. Also be sure to like us on Facebook and follow us on Twitter to see all the current news in the auto financial world.

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Gas Prices Still Major Factor for Potential Car Buyers

Gas has been something we’ve covered here in the past. Gas prices of late have been dropping, but for many months, it was one of the biggest topics on people’s lips. With the economy still slowly recovering, many people have taken the cost of filling up a car into consideration of purchasing a vehicle. There’s been a lot of debates over this subject, one that we covered was the idea of purchasing a hybrid over a normal car with the expectation to save money on gas. No matter which side you fall on, however, it’s no question that the average consumer thinks about the price of fueling up.

At least, that’s what Autonews is reporting on. According to a survey done by Consumer Reports, fuel economy is the leading factor that potential car buyers consider when they purchase a car. 1,702 car owners were interviewed and the numbers break down to 37 percent having fuel economy as their top concern. 17 percent put quality, 16 percent had safety, and 14 percent listed value as the top concern.

Jeff Bartlett, the deputy auto editor of Consumer Reports is quoted as saying, “These results make it clear that high prices are continuing to impact driver behavior and influencing future purchase considerations, this may be foreshadowing a market shift by folks seeking relief at the pump.”

Car sales have stay consistently high since the new year and are really benefiting since the auto bailout. It’s clear that buyers are back in the market with force. That being said, it’s also quite clear that the constant barrage of news about the high gas prices has made an impact. People are still looking to stay away from the gas stations.

Let us help you get into the car you want no matter the fuel economy. Fill out our application to speak with a representative of ours that can help get you into the right car for you. Be sure to like us on Facebook and follow us on Twitter to see the latest news in the financial world.

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Road Trips, Minus the iPad

Earlier this week, we told you how rising airline ticket prices were pushing families to reconsider road trips for their summer vacations. Well, apparently we aren’t the only ones who see the road trip making a come-back.

Yesterday, the Boston Globe published a story on phone and iPad apps that will keep kids entertained on long road trips. In addition to the obvious choices like Angry Birds and YouTube, staff writer Hiawatha Bray suggested games and apps that encourage creativity. He highlighted the iMovie app for the iPad 2 and the fun-but-educational Back In Time.

At the risk of sounding old-fashioned, I hope that families don’t spend their road trips completely engrossed in their iPads. I’m not against kids keeping themselves entertained during the long, boring stretches of a road trip, but road trips are full of wonderfully unique experiences that families don’t have during a flight. I view this shift from flights to drives as a potentially positive development for families taking their summer vacation, and I sincerely hope that they take advantage of it. You can get the whole family involved with road trip games courtesy of Disney Family Fun, About.com, and MomsMinivan.com.

Is your car road-ready for your family’s summer vacation? Even if you have challenged credit, you can get into a new car today with Approved Loan Store! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook and follow Approved Loan Store on Twitter.

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Road Trips Returning as Airlines Increase Prices

News for the airline companies of late hasn’t been the best. The headlines have been negative for both the airlines themselves and for their customers. It’s been bankruptcies or charging more for checking luggage or just the introduction of fees just to store your bag in the overhead. Airfares themselves are on the rise. The cost of summer flights in the US are up 3 percent on average from the past year. That’s an 18 percent increase from 2010. It’s starting to be clear that flying is no longer the go-to solution for a cheap vacation.

The Car Care Council is reporting that the family road trip is coming back into style. It’s hard not to see why, especially when purchasing a plane ticket for a family can be almost four-times as expensive to just loading up the mini-van. Gas prices have also been seeing a steady decline over the last few weeks and appear to be dropping still as vacation season starts to come around. A recent survey from Mandal Research/Solutionz shows that 74 percent of respondents would much rather drive than fly to their getaway.

“Because flying is getting more expensive and gas prices are heading lower, more travelers are finding that driving their own car is the better alternative, “said Rich White, the Executive Director of the Car Care Council. “The bottom line is that travel by vehicle costs less, is more convenient, and is not as stressful as flying.”

Summer is just starting to heat up and this is the time to think about getting out. Are you ready to travel for this vacation season? Do you really want to pay for a flight that costs in the thousand dollar range, deal with the large crowds in the security check in, the hassle of getting to the airport and paying for the parking, and paying even more to check your luggage? Wouldn’t you rather pay a fraction of the cost to load the family into the car and still leave time to check out the world’s largest ball of yarn on the way to grandma’s house? Go ahead and give us some feedback in the comments.

Approved Loan Store is here to help put you and your family in the car they need to head out for a vacation, even if you have challenged credit. Fill out an application online and see how our representatives can put you in the car you need. Be sure to like us on Facebook, and follow us on Twitter to keep yourself current on the news coming out of the auto and financial industries.

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With Car Costs, Don’t Forget Insurance!

When someone is a first-time car buyer, the whole car shopping experience can seem very exciting. Everything is shiny and new, and it is easy to get caught up in imaging the wind in your hair while forgetting costly details.

One of the details that people sometimes forget when car shopping is the cost of insurance. Certain types of cars will have higher insurance costs, specifically flashy sports cars, and teen drivers will automatically have significantly higher insurance rates. Smart car shoppers should be keeping insurance in mind as they browse. That way, they aren’t caught off-guard and unable to afford their car payments and insurance.

CBS News recently published some tips for getting a lower insurance rate. While some of their suggestions are not feasible for everyone, such as moving to another city with lower overall rates, there are a few useful suggestions for every driver. You can view the original article here, and we’ve included our favorite tips below.

Safe Driving: Follow the rules of the road, and avoid tickets and accidents. Most insurance companies have discounts for drivers who don’t have tickets. Progressive Insurance also has a program where drivers can prove their stellar driving habits using a computer key which monitors the car’s speed.
Driving the Right Car: Sports cars might seem sexy, but they will jack up the price for insurance. Choose a practical car that won’t break the budget on insurance.
Know Your Discounts: There are lots of car insurance discounts available. Teachers, engineers, and doctors can often get special discounts, and students can get discounts for good grades.

Looking for a new car? Approved Loan Store can help, even if you have no credit or challenged credit! Fill out our secure online car loan application here, and keep up with the latest car buying tips from Approved Loan Store by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.

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